The Ayurvedic wellness brand reported ₹72 crore in losses while expanding its product portfolio and targeting positive EBITDA margins by Q4 FY27.
Kapiva, an Ayurvedic wellness brand founded in 2015, reported a 36.5% year-on-year increase in revenue from operations to ₹464 crore in FY26, up from ₹340 crore in FY25. After growing revenue 50% in the previous fiscal year, the company continued expanding while keeping losses broadly stable. Including ₹10 crore in non-operating income, total income reached ₹474 crore.
Total expenditure increased 31.2% to ₹547 crore from ₹417 crore. Advertising and promotional spending remained the largest cost, rising 39.8% to ₹260 crore and accounting for nearly 48% of total expenditure. Procurement costs climbed 22.6% to ₹117 crore, while employee benefit expenses stood at ₹78 crore. Losses increased modestly to ₹72 crore from ₹69 crore in FY25.
Excluding employee stock option expenses of ₹7.85 crore, Kapiva’s EBITDA margin improved to -14.8% from -18.7% a year earlier. The company spent ₹1.18 for every rupee of operating revenue generated.
Offline Sales Drive Kapiva’s Growth
Kapiva’s offline channel recorded 81% year-on-year growth in FY26, outpacing its marketplace channel, which grew 34%, and its direct-to-consumer (D2C) channel, which expanded 21%. The brand’s average D2C order value stood at approximately ₹1,200, with repeat purchases contributing nearly 55% of D2C revenue.
Its lifestyle diseases category grew 114%, while daily wellness increased 66% and women’s health rose 21%. Sports nutrition and energy recorded 5% growth.
The company has invested in liver care, cholesterol management and women’s hormonal health, alongside building its offline distribution infrastructure. A company spokesperson said these investments are expected to deliver operating leverage and support future profitability.
Kapiva Targets Positive EBITDA in FY27
Kapiva reported an annual recurring revenue (ARR) of approximately ₹650–700 crore and aims to achieve a low-single-digit positive EBITDA margin by Q4 FY27.
The company has raised around $90 million to date, including a $60 million Series D round led by 360 ONE Asset and Vertex Growth. Revenue increased from ₹240 crore in FY24 to ₹464 crore in FY26, representing approximately 93% growth over two years.
Source: Based on publicly available reporting, with additional editorial adaptation and analysis.
